Tagged with "churning"

Waddell & Reed Ordered to Pay $776,000 Over Reverse Churning

Posted on October 6th, 2022 at 2:48 PM
Waddell & Reed Ordered to Pay $776,000 Over Reverse Churning

Waddell & Reed has agreed to pay nearly $776,000 to settle charges of misconduct over one of its wrap fee programs, according to the Securities and Exchange Commission (SEC). 

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New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

Posted on July 14th, 2020 at 3:05 PM
New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

The New Hampshire Bureau of Securities Regulation has launched an investigation of Merrill Lynch relating to the sales practices of two former Merrill Lynch advisors, Charles Kenahan and Dermod Cavanaugh.  The New Hampshire state regulator is investigating claims of excessive trading made by Craig Benson, former governor of New Hampshire. According to that report, settlement talks between the state regulator and Merrill Lynch are on-going.

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